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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Aug. 31, 2016
Condensed Consolidating Financial Statements (Tables) [Abstract] |
Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(UNAUDITED)
August 31, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,308 |  | $ | 327 |  | $ | 1,391 |  | $ | (37) |  | $ | 2,989
| Receivables, less allowances |  | 1 |  |  | 4,517 |  |  | 2,760 |  |  | (45) |  |  | 7,233
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 74 |  |  | 839 |  |  | 266 |  |  | - |  |  | 1,179
|  |  | Total current assets |  | 1,383 |  |  | 5,683 |  |  | 4,417 |  |  | (82) |  |  | 11,401
PROPERTY AND EQUIPMENT, AT COST |  | 22 |  |  | 44,777 |  |  | 3,322 |  |  | - |  |  | 48,121
| Less accumulated depreciation and amortization |  | 17 |  |  | 22,061 |  |  | 1,239 |  |  | - |  |  | 23,317
|  |  | Net property and equipment |  | 5 |  |  | 22,716 |  |  | 2,083 |  |  | - |  |  | 24,804
INTERCOMPANY RECEIVABLE |  | 2,747 |  |  | 1,177 |  |  | - |  |  | (3,924) |  |  | -
GOODWILL |  | - |  |  | 1,571 |  |  | 5,212 |  |  | - |  |  | 6,783
INVESTMENT IN SUBSIDIARIES |  | 25,493 |  |  | 3,758 |  |  | - |  |  | (29,251) |  |  | -
OTHER ASSETS |  | 3,398 |  |  | 858 |  |  | 1,580 |  |  | (3,249) |  |  | 2,587
|  |  |  |  | $ | 33,026 |  | $ | 35,763 |  | $ | 13,292 |  | $ | (36,506) |  | $ | 45,575
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 29 |  | $ | 18 |  | $ | - |  | $ | 47
| Accrued salaries and employee benefits |  | 38 |  |  | 1,115 |  |  | 450 |  |  | - |  |  | 1,603
| Accounts payable |  | 111 |  |  | 1,334 |  |  | 1,488 |  |  | (82) |  |  | 2,851
| Accrued expenses |  | 877 |  |  | 1,368 |  |  | 728 |  |  | - |  |  | 2,973
|  | Total current liabilities |  | 1,026 |  |  | 3,846 |  |  | 2,684 |  |  | (82) |  |  | 7,474
LONG-TERM DEBT, LESS CURRENT PORTION |  | 13,458 |  |  | 245 |  |  | 32 |  |  | - |  |  | 13,735
INTERCOMPANY PAYABLE |  | - |  |  | - |  |  | 3,924 |  |  | (3,924) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,645 |  |  | 366 |  |  | (3,249) |  |  | 1,762
| Other liabilities |  | 4,400 |  |  | 3,420 |  |  | 642 |  |  | - |  |  | 8,462
|  | Total other long-term liabilities |  | 4,400 |  |  | 8,065 |  |  | 1,008 |  |  | (3,249) |  |  | 10,224
STOCKHOLDERS' INVESTMENT |  | 14,142 |  |  | 23,607 |  |  | 5,644 |  |  | (29,251) |  |  | 14,142
|  |  |  |  | $ | 33,026 |  | $ | 35,763 |  | $ | 13,292 |  | $ | (36,506) |  | $ | 45,575
CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $ | 1,974 |  | $ | 326 |  | $ | 1,277 |  | $ | (43) |  | $ | 3,534
| Receivables, less allowances |  | 1 |  |  | 4,461 |  |  | 2,831 |  |  | (41) |  |  | 7,252
| Spare parts, supplies, fuel, prepaid expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | and other, less allowances |  | 233 |  |  | 724 |  |  | 246 |  |  | - |  |  | 1,203
|  |  | Total current assets |  | 2,208 |  |  | 5,511 |  |  | 4,354 |  |  | (84) |  |  | 11,989
PROPERTY AND EQUIPMENT, AT COST |  | 22 |  |  | 43,760 |  |  | 3,236 |  |  | - |  |  | 47,018
| Less accumulated depreciation and amortization |  | 17 |  |  | 21,566 |  |  | 1,151 |  |  | - |  |  | 22,734
|  |  | Net property and equipment |  | 5 |  |  | 22,194 |  |  | 2,085 |  |  | - |  |  | 24,284
INTERCOMPANY RECEIVABLE |  | 2,437 |  |  | 1,284 |  |  | - |  |  | (3,721) |  |  | -
GOODWILL |  | - |  |  | 1,571 |  |  | 5,176 |  |  | - |  |  | 6,747
INVESTMENT IN SUBSIDIARIES |  | 24,766 |  |  | 3,697 |  |  | - |  |  | (28,463) |  |  | -
OTHER ASSETS |  | 3,359 |  |  | 967 |  |  | 1,851 |  |  | (3,238) |  |  | 2,939
|  |  |  |  | $ | 32,775 |  | $ | 35,224 |  | $ | 13,466 |  | $ | (35,506) |  | $ | 45,959
LIABILITIES AND STOCKHOLDERS' INVESTMENT |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current portion of long-term debt | $ | - |  | $ | 13 |  | $ | 16 |  | $ | - |  | $ | 29
| Accrued salaries and employee benefits |  | 54 |  |  | 1,377 |  |  | 541 |  |  | - |  |  | 1,972
| Accounts payable |  | 8 |  |  | 1,501 |  |  | 1,519 |  |  | (84) |  |  | 2,944
| Accrued expenses |  | 883 |  |  | 1,411 |  |  | 769 |  |  | - |  |  | 3,063
|  | Total current liabilities |  | 945 |  |  | 4,302 |  |  | 2,845 |  |  | (84) |  |  | 8,008
LONG-TERM DEBT, LESS CURRENT PORTION |  | 13,451 |  |  | 245 |  |  | 37 |  |  | - |  |  | 13,733
INTERCOMPANY PAYABLE |  | - |  |  | - |  |  | 3,721 |  |  | (3,721) |  |  | -
OTHER LONG-TERM LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Deferred income taxes |  | - |  |  | 4,436 |  |  | 369 |  |  | (3,238) |  |  | 1,567
| Other liabilities |  | 4,595 |  |  | 3,375 |  |  | 897 |  |  | - |  |  | 8,867
|  | Total other long-term liabilities |  | 4,595 |  |  | 7,811 |  |  | 1,266 |  |  | (3,238) |  |  | 10,434
STOCKHOLDERS' INVESTMENT |  | 13,784 |  |  | 22,866 |  |  | 5,597 |  |  | (28,463) |  |  | 13,784
|  |  |  |  | $ | 32,775 |  | $ | 35,224 |  | $ | 13,466 |  | $ | (35,506) |  | $ | 45,959
Condensed Consolidating Statements of Comprehensive Income |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 10,903 |  | $ | 3,830 |  | $ | (70) |  | $ | 14,663
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 36 |  |  | 4,106 |  |  | 1,169 |  |  | - |  |  | 5,311
| Purchased transportation |  | - |  |  | 1,917 |  |  | 1,351 |  |  | (28) |  |  | 3,240
| Rentals and landing fees |  | 1 |  |  | 620 |  |  | 170 |  |  | (1) |  |  | 790
| Depreciation and amortization |  | - |  |  | 611 |  |  | 128 |  |  | - |  |  | 739
| Fuel |  | - |  |  | 578 |  |  | 72 |  |  | - |  |  | 650
| Maintenance and repairs |  | - |  |  | 526 |  |  | 72 |  |  | - |  |  | 598
| Intercompany charges, net |  | (90) |  |  | 62 |  |  | 28 |  |  | - |  |  | -
| Other |  | 53 |  |  | 1,373 |  |  | 686 |  |  | (41) |  |  | 2,071
|  |  |  |  | - |  |  | 9,793 |  |  | 3,676 |  |  | (70) |  |  | 13,399
OPERATING INCOME |  | - |  |  | 1,110 |  |  | 154 |  |  | - |  |  | 1,264
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 715 |  |  | 56 |  |  | - |  |  | (771) |  |  | -
| Interest, net |  | (122) |  |  | 9 |  |  | - |  |  | - |  |  | (113)
| Intercompany charges, net |  | 122 |  |  | (81) |  |  | (41) |  |  | - |  |  | -
| Other, net |  | - |  |  | (5) |  |  | (4) |  |  | - |  |  | (9)
INCOME BEFORE INCOME TAXES |  | 715 |  |  | 1,089 |  |  | 109 |  |  | (771) |  |  | 1,142
| Provision for income taxes |  | - |  |  | 380 |  |  | 47 |  |  | - |  |  | 427
NET INCOME | $ | 715 |  | $ | 709 |  | $ | 62 |  | $ | (771) |  | $ | 715
COMPREHENSIVE INCOME | $ | 696 |  | $ | 702 |  | $ | 81 |  | $ | (771) |  | $ | 708
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended August 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
REVENUES | $ | - |  | $ | 9,873 |  | $ | 2,509 |  | $ | (103) |  | $ | 12,279
OPERATING EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits |  | 34 |  |  | 3,813 |  |  | 678 |  |  | - |  |  | 4,525
| Purchased transportation |  | - |  |  | 1,434 |  |  | 965 |  |  | (55) |  |  | 2,344
| Rentals and landing fees |  | 1 |  |  | 587 |  |  | 108 |  |  | (1) |  |  | 695
| Depreciation and amortization |  | - |  |  | 583 |  |  | 65 |  |  | - |  |  | 648
| Fuel |  | - |  |  | 691 |  |  | 21 |  |  | - |  |  | 712
| Maintenance and repairs |  | - |  |  | 508 |  |  | 40 |  |  | - |  |  | 548
| Intercompany charges, net |  | (69) |  |  | (40) |  |  | 109 |  |  | - |  |  | -
| Other |  | 34 |  |  | 1,264 |  |  | 412 |  |  | (47) |  |  | 1,663
|  |  |  |  | - |  |  | 8,840 |  |  | 2,398 |  |  | (103) |  |  | 11,135
OPERATING INCOME |  | - |  |  | 1,033 |  |  | 111 |  |  | - |  |  | 1,144
OTHER INCOME (EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity in earnings of subsidiaries |  | 692 |  |  | 61 |  |  | - |  |  | (753) |  |  | -
| Interest, net |  | (75) |  |  | 8 |  |  | 4 |  |  | - |  |  | (63)
| Intercompany charges, net |  | 78 |  |  | (76) |  |  | (2) |  |  | - |  |  | -
| Other, net |  | (3) |  |  | (3) |  |  | 9 |  |  | - |  |  | 3
INCOME BEFORE INCOME TAXES |  | 692 |  |  | 1,023 |  |  | 122 |  |  | (753) |  |  | 1,084
| Provision for income taxes |  | - |  |  | 357 |  |  | 35 |  |  | - |  |  | 392
NET INCOME | $ | 692 |  | $ | 666 |  | $ | 87 |  | $ | (753) |  | $ | 692
COMPREHENSIVE INCOME | $ | 674 |  | $ | 651 |  | $ | (42) |  | $ | (753) |  | $ | 530
Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2016
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (342) |  | $ | 1,119 |  | $ | 188 |  | $ | 6 |  | $ | 971
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (1,111) |  |  | (104) |  |  | - |  |  | (1,215)
| Proceeds from asset dispositions and other |  | - |  |  | 9 |  |  | - |  |  | - |  |  | 9
CASH USED IN INVESTING ACTIVITIES |  | - |  |  | (1,102) |  |  | (104) |  |  | - |  |  | (1,206)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | (35) |  |  | (2) |  |  | 37 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | (2) |  |  | (14) |  |  | 16 |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (7) |  |  | (5) |  |  | - |  |  | (12)
| Proceeds from stock issuances |  | 40 |  |  | - |  |  | - |  |  | - |  |  | 40
| Excess tax benefit on the exercise of stock options |  | 2 |  |  | - |  |  | - |  |  | - |  |  | 2
| Dividends paid |  | (106) |  |  | - |  |  | - |  |  | - |  |  | (106)
| Purchase of treasury stock |  | (222) |  |  | - |  |  | - |  |  | - |  |  | (222)
| Other, net |  | (1) |  |  | (1) |  |  | (13) |  |  | - |  |  | (15)
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | (324) |  |  | (24) |  |  | 35 |  |  | - |  |  | (313)
Effect of exchange rate changes on cash |  | - |  |  | 8 |  |  | (5) |  |  | - |  |  | 3
Net (decrease) increase in cash and cash equivalents |  | (666) |  |  | 1 |  |  | 114 |  |  | 6 |  |  | (545)
Cash and cash equivalents at beginning of period |  | 1,974 |  |  | 326 |  |  | 1,277 |  |  | (43) |  |  | 3,534
Cash and cash equivalents at end of period | $ | 1,308 |  | $ | 327 |  | $ | 1,391 |  | $ | (37) |  | $ | 2,989
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended August 31, 2015
|  |  |  |  |  |  |  | Guarantor |  | Non-guarantor |  |  |  |
|  |  |  |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (397) |  | $ | 1,533 |  | $ | 71 |  | $ | 34 |  | $ | 1,241
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Capital expenditures |  | - |  |  | (1,170) |  |  | (39) |  |  | - |  |  | (1,209)
| Proceeds from asset dispositions and other |  | (5) |  |  | 15 |  |  | - |  |  | - |  |  | 10
CASH USED IN INVESTING ACTIVITIES |  | (5) |  |  | (1,155) |  |  | (39) |  |  | - |  |  | (1,199)
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net transfers from (to) Parent |  | 452 |  |  | (479) |  |  | 27 |  |  | - |  |  | -
| Payment on loan between subsidiaries |  | - |  |  | 98 |  |  | (98) |  |  | - |  |  | -
| Intercompany dividends |  | - |  |  | 4 |  |  | (4) |  |  | - |  |  | -
| Principal payments on debt |  | - |  |  | (2) |  |  | (13) |  |  | - |  |  | (15)
| Proceeds from stock issuances |  | 46 |  |  | - |  |  | - |  |  | - |  |  | 46
| Excess tax benefit on the exercise of stock options |  | 6 |  |  | - |  |  | - |  |  | - |  |  | 6
| Dividends paid |  | (71) |  |  | - |  |  | - |  |  | - |  |  | (71)
| Purchase of treasury stock |  | (190) |  |  | - |  |  | - |  |  | - |  |  | (190)
| Other, net |  | - |  |  | (25) |  |  | 25 |  |  | - |  |  | -
CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |  | 243 |  |  | (404) |  |  | (63) |  |  | - |  |  | (224)
Effect of exchange rate changes on cash |  | - |  |  | (15) |  |  | (23) |  |  | - |  |  | (38)
Net (decrease) increase in cash and cash equivalents |  | (159) |  |  | (41) |  |  | (54) |  |  | 34 |  |  | (220)
Cash and cash equivalents at beginning of period |  | 2,383 |  |  | 487 |  |  | 971 |  |  | (78) |  |  | 3,763
Cash and cash equivalents at end of period | $ | 2,224 |  | $ | 446 |  | $ | 917 |  | $ | (44) |  | $ | 3,543

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